PETAH TIKVA, ISRAEL – Eltek reported second quarter revenues of $8.2 million, down 5.7% year-over-year.
Net profit for the quarter ended June 30 was $790,000, compared to a net loss of $843,000 in the second quarter of 2018. Operating profit was $7,000, compared to an operating loss of $721,000 in the same period last year.
"We are pleased this quarter's results reflect the continuing trend of improved results,” said CEO Eli Yaffe. “The improved results are a consequence of the implementation of our turnaround plan. We are continuing our efforts to maintain the trend of improved operating efficiencies, while increasing sales by expanding our business into the vertical markets we currently service."
Net cash used in operating activities amounted to $301,000 in the second quarter, compared to net cash of $572,000 in the second quarter of 2018.
Revenues for the first six months of 2019 were $16.9 million, down 4% year-over-year.
Net profit for the six-month period was $1 million, compared to a net loss of $1.5 million in the same period last year. Operating profit was $440,000, compared to an operating loss of $1.3 million.
Net cash provided by operating activities amounted to $1.3 million, compared to net cash of $1.4 million in the first six months of 2018.